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Augustus Minerals (ASX: AUG; “Augustus” or the “Company”) is pleased to advise that a review of soil sampling data completed by the company has returned high tenure lithium and rubidium results in and around the Peak Bore prospect area.
- Review of soil sample results have defined numerous highly promising lithium anomalies over a single coherent area at the Peak Bore location
- Numerous lithium results Li2O > 100ppm and the key lithium pegmatite pathfinder element Rubidium > 400ppm
- First pass reconnaissance mapping of the anomaly has identified outcrop of mafic greenstone and Leake Spring Metamorphics rock units which host spodumene pegmatites in the region
- Location to be a key focus during the early portion of the 2024 exploration campaign
The program has confirmed multiple lithium and pathfinder element anomalies within a zone approximately 7km x 6km which sits on and around a geologically complex flexure of the Ti-Tree shear.
Figure 1. Map on left showing distribution of lithium (ppm) results in ultrafine soil samples. Map on right showing distribution of rubidium (ppm) results in ultrafine soil samples.
Samples were collected on north-south oriented lines at a spacing of 100m x 400m.
The vast majority of the 7km by 6km soil anomaly is covered by thin soil cover. Basement rocks contain a mixture of Durlacher and Moorarie granites, as well as doleritic and felsic dykes and sills.
Encouragingly several occurrences of both Leake Spring Metamorphic and mafic greenstone have been found outcropping within parts of the anomaly coincident with higher grade portions of the anomaly.
More importantly, the Thirty-Three Supersuite granites which are presumed to be the source of all spodumene pegmatites in the Gascoyne region are in close proximity, just a few kms to the east, with the Delta Lithium Yinnetharra Lithium deposit 40kms away along strike.
Figure 2. Location of the Peak Bore lithium anomaly in relation regional soil sampling program and the Ti-Tree Shear zone.
Andrew Reid, Managing Director
“This large lithium anomaly continues our strategy for searching for new critical mineral targets in the Gascoyne.
“Results from the soils confirm the presence of lithium and more importantly key pegmatite pathfinder elements, overlaps the Ti-Tree Shear for which Augustus holds 85kms of strike length, and contain the same rocks which host the Yinnetharra Lithium Deposit.
“Our technical team is already working up exploration programs for 2024 and will use this data to redefine our priorities in this area.”
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This article includes content from Augustus Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Augustus Minerals
Diversification can be key to a profitable mining and exploration strategy. While there's no shortage of companies that have experienced great success by focusing on a single commodity, there's always an element of risk to that approach. There is always the risk that certain commodities will fall in price whilst others rise. Augustus Minerals, a newly listed exploration company on the ASX (AUG) is cognizant of this fact. An exploration company based in Western Australia, Augustus has acquired a 100-percent interest in a land package covering some 3,600 square kilometers in Western Australia's Upper Gascoyne region. Although traditionally known as a source of base metals, gold and uranium, the Gascoyne is rapidly emerging as a prime target for rare earths and lithium discoveries.
As an early mover to the region, Augustus’s vast landholding is highly prospective for lithium, rare earths, copper and gold. Its Ti-Tree project contains 85 kilometers of the Ti Tree and Mingabar shear zones, with extensive, untested, multi-element mineralization and surface anomalies.
The Gascoyne region is a large emerging critical mineral province with several deposits having been discovered in the last few years. These include multiple Ironstone REE discoveries by Dreadnought Resources (ASX:DRE), Hastings Technology's (ASX:HAS) Yangibana Ironstone REE project and Lanthanein Resources' (ASX:LNR) Lyons Ironstone REE project, as well as a large lithium discovery at Delta Lithium's (ASX:DLT) Yinnetharra location.
Directed by a highly experienced management team with extensive knowledge about mining and exploration in the Gascoyne, Augustus's exploration program will focus on more than 50 priority targets already identified by the company. These include potential lithium bearing pegmatites, REE-rich ironstones and shear/porphyry-hosted copper systems. Thus far, the company has completed multiple geophysical surveys and collected more than 15,000 soil samples.
Company Highlights
- Augustus Minerals is an Australian exploration company focused on the highly-prospective Gascoyne region of Western Australia.
- The company has 100 percent ownership of a land package covering 3,600 square kilometers.
- Augustus has identified multiple high-priority lithium, rare earth and copper targets throughout its project, with strong mineralization intersected at multiple locations across multiple commodities.
- Augustus's leadership team has the benefit of significant local knowledge regarding exploration of the Gascoyne province.
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